The discussion here should be how Australia and Australians can earn more money from our Iron Ore & Coal.
(A)The obvious way to do that is to gradually lift the Royalties. If that reduces supply (as some maintain) then this will increase price which will increase royalty rate because royalties are based on FOB $/ton; not on tonnage per se.
The question is where does that balance lie. It certainly is not where we are now because Adani & other foreign miners plan to increase supply.
(B) a second way would be to add local content by building mega steel mills, producing finished steel and conquesting Chinese, Korean & Japanese steel mills' global customers.
We should be talking here about the general good here & not the hip pockets of a few. That's what Australia is all about. The Board Rooms of Rio & BHP etc do a fantastic job about looking after themselves and we should emulate them in looking after Australia.
